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Nifty trades near 12,000; metal stocks lose shine

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Key barometers hit fresh intraday low in morning trade, dragged by negative global cues. Metal stocks corrected after US president Trump hit Brazil and Argentina with steel and aluminium tariffs. The Nifty descended towards its support placed at 12,000 mark.

At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 67.34 points or 0.17% at 40,734.83. The Nifty 50 index was down 32.1 points or 0.27% at 12,016.10.

In the broader market, the S&P BSE Mid-Cap index was down 0.27%. The S&P BSE Small-Cap index was down 0.17%.

The market breadth was negative. On the BSE, 739 shares rose and 964 shares fell. A total of 110 shares were unchanged. In Nifty 50 index, 15 stocks advanced while 35 stocks declined.

Buzzing Index:

The Nifty Metal index witnessed heavy selling pressure after US president Donald Trump decided to reimpose tariffs on imports of steel and aluminium from Brazil and Argentina after accusing the countries of a 'massive devaluation' of their currencies that hurt US farmers. The move, which was announced by Trump on Twitter on Monday, sharply escalates trade tensions with the two struggling Latin American economies as they build closer ties with China.

The Nifty Metal index was down 2.24% at 2,573.80. Jindal Steel & Power (down 3.39%), Steel Authority of India (down 3.3%), Tata Steel (down 3.01%), Vedanta (down 2.56%), Hindalco Industries (down 2.24%), National Aluminium Company (down 1.61%) and Hindustan Copper (down 1.12%) were top losers in metal segment.

NMDC declined 2.18% to Rs 103.20 after announcing disappointing production and sales numbers in November 2019. The company's total iron ore production in November 2019 was 2.94 million tonnes as compared to 3.29 million tonnes in November 2018, recording a decline of 10.64%. The iron ore sales remained flat in November 2019 at 2.79 million tonnes.

Stocks in Spotlight:

United Spirits was down 0.38%. The liquor major said it has considered and approved a scheme of amalgamation and arrangement in relation to the proposed merger of the company's listed subsidiary Pioneer Distilleries with the company. Pioneer is engaged in the business of manufacture and sale of extra neutral alcohol, malt spirits, Indian Made Foreign Liquor (IMFL) and other allied products, including bottling operations.

Tata Motors announced that the company has bagged an order to supply 2300 buses for public transportation to State Transport Undertakings. The orders have been received from Rajasthan (RSRTC), Karnataka (KSRTC/ BMTC/ NWKRTC), Uttar Pradesh (UPSRTC), Tamil Nadu (IRT), and Andhra Pradesh (APSRTC). The company aims to deliver all orders by February 2020.

Shares of Tata Motors were trading 0.28% lower at Rs 160.55.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 03 2019. 10:22 IST